The CBD stocks market has experienced significant upswings in recent weeks. By legalizing industrial hemp, the US has opened the gateway to a huge industry circulating around CBD-infused products. This has given the US hemp-market a boost like no other.
Now, cannabis companies are flocking overseas to invest in hemp-related US companies or products, knowing all too well how lucrative the CBD industry is.
Investors are keeping their eyes on the CBD stocks that are making moves in the right direction. With that in mind, here are two big cannabis names that are making moves into the US CBD sector.
CBD Stocks Moving into US CBD: Canopy Growth Corp
One of the biggest beneficiaries of the US CBD market is sure to be Canopy Growth Corp (TSX:WEED) (NYSE:CGC). Already the biggest cannabis company by market cap, Canada's Canopy Growth now has New York in its sights.
The company has, reportedly, made an investment of $100 million and a further $150 million to create a large-scale hemp production facility. According to Bloomberg, it is scouting out sites in the Southern Tier of New York.
Once up and running, Canopy's facility will produce hemp-derived CBD products. The company has strong partnerships, years of marketing expertise, and deep pockets; it is more than capable of becoming a force within the US CBD industry making it a CBD stock to watch on the NYSE.
It doesn't stop there. Most recently, CGC teamed up with retail executive and former model Martha Stewart to develop a line of CBD products for people and their pets.
CGC stock is up marginally (0.60%) on the day, currently selling for $47.11 USD on the NYSE.
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More CBD Stocks: Tilray
Tilray (NASDAQ:TLRY) has excited investors with its very recent jump into the US CBD market. The Canadian medical cannabis and pharmaceutical producer has acquired Manitoba Harvest for $137 million USD.
Tilray is already one of the biggest cannabis producers in the world, and much like CGC, it has the means to make a huge profit in the US CBD sector.
As such, this CBD stock should be watched closely, as this new venture is not one to be lauded at. The company plans to introduce a line of CBD-infused tinctures, a CBD spray, and CBD gel caps.
Further, interest is already brewing for Tilray's products. According to Manitoba Harvest CEO Bill Chiasson “We have retailers who have expressed a lot of interest in that, in states where it’s more friendly.”
At the time of writing, TLRY stock is up 1.16% and selling for $78.15 USD on the NASDAQ.
Expect more big names to join the US CBD market in the coming weeks. Investors have a lot of potentials ahead as the list of CBD stocks to watch becomes longer. Who do you think is a major player?
Featured Image: Canva
